The Real Estate Market in 2009


Regardless of the negative publicity facing the real estate market today, there is still some good news for consumers.  Small signs of a turnaround have begun to surface, causing analysts to speculate that the market is going to rebound, at least slightly in 2009.

 

Not only are interest rates at a 50 year low, applications are at a high in the refinancing sector, and more applications are being made for low cost housing.  While this may not necessarily be good news for consumers trying to sell their homes, it does mean that the market is slowly starting to level out.  In addition, gas prices and auto prices have lowered significantly for the first time in several years, and consumer savings is up roughly 3%.   Consumers are also changing their spending habits, which mean that consumers are able to put more money into down payments, something that has become a necessity in today’s financial market. 

 

While foreclosures and low real estate values will undoubtedly still be a hot issue in 2009, there are markets that have seen a rise in home prices.  The New England and the Mountain West in particular, have seen a steady rise in their home values.  New businesses are flourishing in these areas, which is helping these local economies weather the economic crisis. 

 

If you are looking to buy a home in 2009 you will be able to get a great deal.  Not only can you get more real estate for the money, but you will probably land better interest rates than your parents did.  If you are planning to sell your home this year do not be discouraged.  While you may have to sell at a lower asking price than you had hoped, buyers are starting to get back in the marketplace.  If you can offer a great piece of real estate at a low cost, the chances of selling the home just increased dramatically.  

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